Is your information feed recently flooded with various stablecoin investment products? An annualized return of 20%, which makes people’s hearts race. But before clicking to buy, we need to ask ourselves a core question: where does this money come from?

The honest answer might make you feel a bit cold: this is not a naturally occurring risk-free return from the market; frankly, it’s just trading platforms subsidizing with money. This is a typical "burning money to gain scale" approach—offering high yields that seem attractive in the short term but are impossible to sustain long-term, locking your assets into their ecosystem.

But there’s a deeper issue behind this: when we chase after yield numbers, are we truly examining whether the assets we hold are healthy? Can a stablecoin maintain stability? It’s not just about how it promotes its reserves; more importantly, whether this information is transparent and can be verified in real-time.

That’s the key. Tools like on-chain data infrastructure are trying to solve this fundamental problem. In traditional finance, investors rely on audit reports, but these reports are always delayed—by the time you see them, the data is already months old. In the blockchain world, we have the opportunity to do better: pursue real-time, verifiable monitoring of reserve assets and financial metrics.

Imagine a scenario: a透视机 that allows you to see through all marketing packaging and clearly understand the true nature of these stablecoins—

What exactly are the reserves composed of, and are their values fluctuating?
How concentrated are the coins held by large holders, and how is the capital flowing?
What is the liquidity like across different exchanges, and are there outrageous price deviations?

This is not a dream. By integrating reliable on-chain data networks, developers and communities can create such transparent dashboards, enabling the "health report" of any asset to be quantified and tracked in real-time. Some infrastructure providers are already working on this—programmable, tamper-proof on-chain data tools that make the true state of assets transparent.

So when a 20% high yield tempts you, the real question to consider is not "How much can I earn?" but—

Is the assets backing this yield truly reliable?
If subsidies stop, can I detect the risk immediately?
Does the platform I’m using have access to sufficiently transparent data sources to protect me?

In the world of crypto assets, high returns always come with high risks. The biggest risk is often not technical but informational asymmetry. Truly smart investors no longer just look at the yield rate; they start seeking assets and protocols that provide on-chain verifiable transparency. This is the new standard mindset for risk management.